Womenswear brand Needle & Thread has secured funding from an undisclosed backer and is now looking to expand its wholesale business.
Michael Solomons and Andrew Pear of BM Advisory were appointed as joint administrators at the end of December, but the London-based brand said the cash injection will allow it to carry on trading as usual.
“We are very confident about the future and the financing of the business,” chief executive Hannah Coffin told Drapers.
Coffin was womenswear design director at All Saints for eight years until 2012 and previously worked at Karen Millen. She set up Needle & Thread with her former husband and ex-All Saints chief executive Stephen Craig in April 2013. Craig is no longer involved in the business.
Coffin said: “We are looking to grow our wholesale business, particularly in the US, and we will show at [New York trade show] Coterie as normal. We are also looking to exhibit at more trade fairs this year.”
Stockists for Needle & Thread, which specialises in heavily embellished dresses retailing from £95 to £250, include Asos.com, Net-a-Porter, Harrods, Brown Thomas in Dublin, and Holt Renfrew, Saks Fifth Avenue and Nordstrom in North America.